How can you take over a car loan without using credit??

Question

I heard you can get a legal document/contract and it leaves out the bank what is that called and does it work??

Answer 1

If you're talking about the infamous phrase "take over payments" there is no such thing. If you pay someone else's loan the car stays in their name until the loan is paid in full. You are welcome to take over the payments on my car. Of course when the loan is paid all you get is a thank you.

Answer 2

If I understand your question correctly, you are trying to figure out if there is a way to assume responsibility for a car loan without having to apply and / or use you name or personal information (i.e. credit report).

I do know that you can sign a contract with another individual to pay monthly payments to this individual for a set period of time or up to a certain amount. If this is an auto, home or item that has a lien (loan) against it by bank, the owner must receive written permission from the bank to do this, the owner is still the legal owner regardless of any agreements until the loan is paid.

I believe that what you are trying to do will be extremely diffucult to achieve.

Answer 3

Car loans are made through banks and credit unions. There is no way to finance a car or take over an existing loan without using either a bank or credit union.

If you don't want a bank involved, your only option is to buy the vehicle all at once.

Answer 4

You can but it is fairly expensive. You can go to a "buy here pay here" car dealer which acts as its own lender. They tend to charge very high rates and have very sctrict rules because they are generally dealing with people who have had credit issues in the past.

Answer 5

Use CASH!!